Do you think you pay too much for tenant occupied property insurance?
Answers:
Quick answer, Homeowner's Insurance policies are what you would use to protect your risk of loss from personal liability concerns, loss of use of your home that you occupy, loss of the structures on the insured premises, and loss of your personal possessions anywhere in the world. (Subject to the terms of your policy). If you insure a residence as a homeowners that you do not live in you may be subject to an unpleasant experience at the time of a loss. If you have a claim rejected by the insurer because you have the wrong policy you will regret the hundreds you may save over time when compared to the thousands of dollars you lose in the event of one claim.
Landlord Insurance if for property that you rent to others. Specifically, Landlord Insurance is for properties you do not reside in and that are exclusively used for between one and four residential occupants. Your liability coverage will be limited to what occurs at the insured premises. Coverage for buildings is provided but contents coverage is not usually. Loss of rents coverage is a standard benefit. (There are many option coverage choices we suggest you take advantage of. Your policy may not work as described.) Please let us work with you on your landlord insurance policies.
See the chart below for a very brief comparison of the most basic Homeowners and Landlord policies. Your coverage may be different.
Homeowners Landlords Building Yes Yes Related Private Structures Yes Yes Contents Yes No Loss of Use/Rents Loss of Use Loss of Rents Liability Comprehensive Personal Premises Liability Medical Expense Reimbursement Yes Yes DRickard Insurance Advises More Coverage Is Needed Yes Yes
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us at insurance@drickardinsurance.com or 607-843-8860.
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